Green Thumb Industries (GTII) Investor presentation summary

Market landscape and growth outlook

• U.S. cannabis market projected to reach $100B by 2030, rivaling alcohol and tobacco industries in size.

• Cannabis industry expected to grow at a 12% CAGR through 2027, outpacing beer, tobacco, spirits, and wine.

• Federal policy momentum includes medical rescheduling and new pathways for state-licensed operators, with adult-use review ongoing.

• Majority of Americans (64%) support legalization, driving expansion of state programs and access.

• Legal cannabis generates more tax revenue than alcohol in established markets and supports over 440,000 jobs.

Company overview and strategy

• Operates 110+ retail stores across 14 states, serving half of U.S. adults, with 20 manufacturing facilities.

• Focused on high-demand, limited-supply markets, building trusted brands, and disciplined capital allocation.

• Portfolio includes leading brands across flower, vape, edibles, pre-rolls, beverages, and concentrates.

• Omni-channel retail strategy integrates digital, delivery, and in-store experiences, with 1.7M+ loyalty members.

• Committed to restorative justice, community engagement, inclusion, and environmental stewardship.

Financial performance and structure

• Q1 2026 revenue grew 7% YoY to $300M, with normalized EBITDA margin above 31%.

• 2025 annual revenue reached $1.175B, with consistent EBITDA and cash flow growth over recent years.

• Strong balance sheet with $344.5M in cash and $289.9M in debt as of March 31, 2026.

• Share structure includes 225.9M basic shares and 242.5M fully diluted shares outstanding.

• Non-GAAP metrics such as normalized EBITDA are used to supplement GAAP results.